It also follows the impending departure of Chairman Mark Williamson, who in February announced that he would step down once a successor was found, citing new British guidelines on the length of board chair tenures.The smallest of the four major global tobacco players in the world, Imperial has been slow to react to the vaping craze in the United States, a market where it generates nearly 30 per cent of its annual profit.
That has meant a double whammy for Imperial, which cut back on its 10 per cent dividend growth target earlier this year to focus on developing its e-cigarette portfolio that includes Blu e-cigarettes.Last week, the company said that it was seeing a “marked slowdown” in the growth of its e-cigarettes category, due to the U.S. ban, as many wholesalers and retailers were not ordering or promoting their products.
“The timing of the move is curious, given that the company as well as the sector is facing some serious headwinds as we move into the end of the year and look to 2020,” Michael Hewson, Chief Market analyst at CMC Markets, said.
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